March 7, 2005—Sen. Christopher Dodd (D-CT) recently introduced legislation to extend the Terrorism Risk Insurance Act of 2002 (TRIA).
Absent Congressional action this year, TRIA will expire on December 31, 2005. In addition to extending TRIA for an additional two years, S. 467, the Terrorism Risk Insurance Extension Act of 2005, calls for the Presidential Working Group on Financial Markets to consult with representatives of the insurance industry and policyholders and submit a report to Congress containing recommendations for legislation to address the long-term availability and affordability of insurance for terrorism risk.
BOMA International and the Coalition to Insure Against Terrorism (CIAT) will continue to actively work with members of the House and Senate to move this legislation forward, says BOMA. To find out more, visit the BOMA Legislative Action Center.
